Greenville, South Carolina , Jan. 03, 2025 (GLOBE NEWSWIRE) — ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) reports that it has now completed the sale of its 68% share ownership interest in Achieve Behavioral Health Greenville LLC, (“Achieve”) as originally announced December 30, 2024. In exchange for its ownership interest in Achieve, the Company received cash of US$360,000, plus the settlement of US$120,000 in amounts owing between ARCpoint and the buyers of the Achieve interest, for total consideration of US$480,000.
The Transaction was a Non-Arm’s Length Transaction in accordance with the policies of the TSXV. The Transaction also constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Notwithstanding the foregoing, the directors of the Company determined that the Transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101.
About ARCpoint Inc.
ARCpoint is an innovative US-based health care company that leverages technology along with brick-and-mortar locations to give businesses and individual consumers access to convenient, cost-effective healthcare information and solutions with transparent, up-front pricing, so that they can be proactive and preventative with their health and well-being.
For more information, please contact:
ARCpoint Inc.
Jason Tong, Chief Financial Officer
Phone : (604) 889-7827
E-mail : invest@arcpointlabs.com
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